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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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Dec 5, 2012
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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Dec 3, 2012
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far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff because they obviously will not ever say the word tax. they will only say revenue. i'm stuck speaking to many more ceos than grover norquist is. he thinks it's silly
far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do...
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or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of leverage in forcing president obama to take a look at medicare and social security to bring this conversation full circle that really mean serious budget and deficit reform. >> well, i'm sure that the majority of americans are hoping the two sides will come to some sort of deal. wouldn't that be nice? that would be a nice christmas present. will cain, thank you. >> yeah, you bet. >> thanks so much. >>> one of the top u.s. banks out with a pretty rosie prediction for next year. could it be enough to save your 401(k) from that fiscal cliff? ...so as you can see, geico's customer satisfa
or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of...
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. >> he's saying that republicans do not believe this is the right path to cutting our deficit, into promoting economic growth, boehner says. they do not want to raise tax rates. on wealthy americans or any american. i was outside a meeting that the republican leaders had with the rank and file members yesterday, speaking to member after member after they were leaving their meeting. there's often quite a break from the leadership and rank and file. they have given john boehner trouble in the past but at this point, they are giving him some lee way and they seem to be rallying around the speaker and his negotiations at this point. there's no budging on either side. >> they said there was a lot of support there. president obama said i'm sticking to my guns also. the president is warning the republicans next move will be to use the upcoming vote on the debt ceiling as leverage in the budget battle. let's listen. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, w
. >> he's saying that republicans do not believe this is the right path to cutting our deficit, into promoting economic growth, boehner says. they do not want to raise tax rates. on wealthy americans or any american. i was outside a meeting that the republican leaders had with the rank and file members yesterday, speaking to member after member after they were leaving their meeting. there's often quite a break from the leadership and rank and file. they have given john boehner trouble in...
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Dec 1, 2012
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, you're not going to get anywhere in these negotiations or in terms of reducing this $1.1 trillion deficit if you don't do something about these entitlements. so everyone's kind of waiting, when will the president come forward with those? >> if i could just jump in really quick, one of the problems with entitlement cuts is they don't produce a lot of savings in the first ten years. so, if we're going to be obsessively folked on the ratio between revenue and spending, then republicans are going to be in for some disappointment because all the things they want on entitlements basically phase in. this is consistent what they said about not wanting to change things for people over 55. and the fact that even paul ryan and mitt romney ran away from entitlement cuts in paul ryan's budget in the last election i think is a sign of where the american public is. they want the rich to pay their fair share in taxes, but they really don't like a lot of cuts. >> to some extent. >> and erin, look, in response to what you were just saying about the fact these savings don't really kick in for ten years, tha
, you're not going to get anywhere in these negotiations or in terms of reducing this $1.1 trillion deficit if you don't do something about these entitlements. so everyone's kind of waiting, when will the president come forward with those? >> if i could just jump in really quick, one of the problems with entitlement cuts is they don't produce a lot of savings in the first ten years. so, if we're going to be obsessively folked on the ratio between revenue and spending, then republicans are...
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Nov 30, 2012
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. $2.4 trillion were the bush tax cuts that resulted in this enormous deficit, because in the 199os, we had a $5.6 trillion surplus. what the president is trying to do is to give relief to working people, and as well provide revenue to continue to support the needs of this nation. such as mayor bloomberg, who's just come to washington and asked for an enormous amount of money, rightly so, to help those who've been victims of hurricane sandy. so the president is not in any way suggesting that he's not willing to negotiate. he asked the questions, when are the republicans going to be considerate of those who get up every day and work? or those who need medicare or social security and medicaid? that is what the bottom line is for the president and for democrats, to protect benefits in a reasonable manner, and to ensure that we have the revenue to bring down the deficit and to continue to operate in the needs of the american people. >> i'd like to talk about those entitlement programs because i know that this is very near and dear to your heart. the lion's share of the $400 billion in cu
. $2.4 trillion were the bush tax cuts that resulted in this enormous deficit, because in the 199os, we had a $5.6 trillion surplus. what the president is trying to do is to give relief to working people, and as well provide revenue to continue to support the needs of this nation. such as mayor bloomberg, who's just come to washington and asked for an enormous amount of money, rightly so, to help those who've been victims of hurricane sandy. so the president is not in any way suggesting that...
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Dec 5, 2012
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republicans lashing out at speaker boehner over his deficit reduction plan. are lawmakers really going to let us go over the cliff? and a gruesome photo sparking outrage. should "the new york post" have put up this picture of a man moments before he was crushed to death by a subway train. it with you on the cover. we're hearing from t
republicans lashing out at speaker boehner over his deficit reduction plan. are lawmakers really going to let us go over the cliff? and a gruesome photo sparking outrage. should "the new york post" have put up this picture of a man moments before he was crushed to death by a subway train. it with you on the cover. we're hearing from t
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Dec 4, 2012
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the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas called sarin. >> today i want to make it absolutely clear to assad and those under his command, the world is watching. the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons, there will be consequences and you will be held accountable. >> former british prime minister tony blair echoing the concerns earlier today on cnn. >> there are a lot of people dying. now the death toll probably would be around 40,000 since this began, since a large number of people. but if there was any sense at all that assad was going to use ch
the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas...
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and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over the weekend, the palestinians celebrated their new status recognized by the united nations. the joy short-lived. how israel's decision to pursue even more settlements in the west bank and east jerusalem may kill any hopes of peace. we'll dive deep lie into this issue. >>> rp says it's not changing plans for the controversial housing development in east of jerusalem also developments in east jerusalem. this is despite getting a diplomatic mackdown recently from austral
and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee....
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our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your plan. >> he can't show you a plan he gave you a plan. his plan is not to repeal obamacare. not going to happen. you lost the election, buddy. >> we are out of time. we need to take bob shrum's coffee away, bring everybody back down. we appreciate your time, senator. i love you hashing the numbers with him. he always comes ready to lay it out. >> political reality, it is a very different world than he is laying out. republicans won't consider raising the top rates, it is not your choice anymore. they are going up unless you make a deal that the president accepts. >>> believe
our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your...
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Nov 29, 2012
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and that is, we must ask the wealthy to pay a little more so we can get these deficit eliminated. get our debt paid down and start growing the economy again. that's not unusual or new to any of us. nobody in the country. so i think the president is sticking to what he said throughout the campaign and as i said 3 million more people voted for him than voted for the other guy. >> with that said, on taxes, if there's any chance on your side, is there any chance on your side to come down to the form of a smaller tax hike on incomes above $250,000 or would you consider keeping rate it is same at $250,000 and raising them only on higher incomes, say half a million or $1 million a year? >> i think it's all part of the negotiations. we know where the president is and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000, some say even a million. all of that is going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he will do that. but the president stands at 250. which is below even wher
and that is, we must ask the wealthy to pay a little more so we can get these deficit eliminated. get our debt paid down and start growing the economy again. that's not unusual or new to any of us. nobody in the country. so i think the president is sticking to what he said throughout the campaign and as i said 3 million more people voted for him than voted for the other guy. >> with that said, on taxes, if there's any chance on your side, is there any chance on your side to come down to...
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lay out what really has been public, what president obama wants, or at least his opening offer for deficit reduction, about $1.6 trillion in new taxes and significantly less in spending cuts. in entitlement reform, and now you have the white house really sensing that they have some leverage here, saying to house republicans, you know what? you go ahead and you put the meat on the bones when it comes to this really politically precarious part of entitlement which is often construed as cutting entitlements like medicare. here's what tim geithner said. >> we laid out a program of how we do it in what stages with $600 million of spending cuts in ten years over entitlement programs. the thing now is for them to come to us and say here's what we think makes sense. we've told them hat we think makes sense. they have to come tell us. >> so he's drawing a line there in the sand. we also heard over the weekend from house speaker john boehner that he found geithner's proposal flabbergasting. he said it wasn't serious. but what you have, zoraida, is the white house and democrats sensing that they do h
lay out what really has been public, what president obama wants, or at least his opening offer for deficit reduction, about $1.6 trillion in new taxes and significantly less in spending cuts. in entitlement reform, and now you have the white house really sensing that they have some leverage here, saying to house republicans, you know what? you go ahead and you put the meat on the bones when it comes to this really politically precarious part of entitlement which is often construed as cutting...
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the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group advocating for everyone of these deductions, people are used to getting them. could they end up on the chopping block? >> guest: they are on the table. republicans put them on the table and say we'd rather do this. but rather get rid of tax breaks that raise rates. in the end, you probably will see some of those. this is a process that will go on for the better part of the year. said during the process of negotiating a deal, you'll see some of those. >> host: john mckinnon is a reporter for "the wall street journal." we are talking about tax loopholes and ded
the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group...
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we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could go back to that chart -- that gives a tax break on the first $250,000 of income. and, in essence, giving everybody a tax break on that first $250,000. it's only after that that the taxes go back to clinton era. and because this is a different time and place, i support giving a tax break, continuing it for 98%, but asking the wealthiest to pay their fair share for the greatest country on the face of this earth. my father was born into dire poverty. he was the only one of nine children born in america. he was the only one of nine children to go to college at night in your great state, madam p
we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could...
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Nov 29, 2012
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medicare, medicaid, the chief drivers of our president -- deficit. we made a lot of progress, but there is still spending we have to cut. the big bottleneck is republicans in congress on revenue and how much they're willing to come from. democrats will also have to step up and do some tough things. the notion that somehow these deficits and our debt are not a threat to our national security and economic future is something i cannot -- disagree with more strongly, as does the president. there are commentators on the left that suggest that -- we should not deal with it at all. we have to deal with it. think about the damage -- let's say we could reach an agreement. i happen to believe, i am not an economist by training, but we have been around the south to understand -- that would be a great driver for our economy. we are over performing the rest of the world right now. if we can actually -- for the business community and the american people say we have our fiscal house in order for a 20 period and will still be able to invest in education and technolo
medicare, medicaid, the chief drivers of our president -- deficit. we made a lot of progress, but there is still spending we have to cut. the big bottleneck is republicans in congress on revenue and how much they're willing to come from. democrats will also have to step up and do some tough things. the notion that somehow these deficits and our debt are not a threat to our national security and economic future is something i cannot -- disagree with more strongly, as does the president. there...
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when i see a full deck of cards, that includes those participating in deficit reduction. it must be used over time and they can make very significant changes in the budget and do it in a way that does not damage our security. doing it abruptly as the fiscal cliff does, or any timeframe, it is not only inefficient, i think it endangers our security and our wrists. my final point is that missing element is primarily political will and i say that in regard to both political parties and the solution. the solution has to be forthcoming in the weeks ahead in the months ahead require our leaders and put our nation first. that has to be the primary focus of our political leadership. to put the interest of our country first. thank you for your leadership, thank you as well mike mullen. it is also a great privilege to be here with john warren and mr. isaac skelton. ,. >> thank you. thank you for putting this effort together. we thank admiral mike mullen, whose efforts have been outstanding for this effort. the late barbara -- barbara tuchman wrote a book entitled "march of folly."
when i see a full deck of cards, that includes those participating in deficit reduction. it must be used over time and they can make very significant changes in the budget and do it in a way that does not damage our security. doing it abruptly as the fiscal cliff does, or any timeframe, it is not only inefficient, i think it endangers our security and our wrists. my final point is that missing element is primarily political will and i say that in regard to both political parties and the...
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reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower rate than median income taxpayers making $100,000 or less. 65%, nearly two-thirds, of individuals earning over a million dollars a year actually pay a lower tax rate than median income taxpayers do. that is a tax system that has turned upside-down and needs to be fixed. earlier this year, a majority of senators voted to advance my "paying a fair share act," the buffett rule bill to ensure that multimillionaire earners pay at least a 30% effective federal tax ray. the rate they're supposed to pay is 35% under the income tax laws but because of all these loopho
reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower...
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it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president. and then as i was talking about before, it is how you do it that matters a lot. he should stop pursuing tax rate increases, as i said, and revisit the comments that he made a year ago. here's what the president said. quote -- "what we said was to give us, to give us -- it's a nice way of saying we're going to make you pay more in taxes. us i gather here is the united states government. quote -- "what we said was to give us $1.2 trillion in additional revenues, which would be accomplished without hiking taxes, tax rates, but could simply be accomplished by eliminating loopholes,
it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president....
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a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we must more closely monitor our trade partners' commitments before workers are injured by him. russia committed to lower tariffs on manufactured goods to ensure predictability by capping quota levels and to meet international standards on intellectual property rights. i'm pleased to see the legislation extending russia pntr includes enforcement measures much stronger than china pntr. several based on legislation i introduced earlier this year. by requiring u.s. trade representative to monitor russia's compliance with its w.t.o. obstacles, to publish an annual report to promote compliance and to establish
a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we...
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situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and i believe that our 100 senators and members of the house will step up on this and sufficient majority in the coming months. >> how do you look at your surplus of the u.s.? does that say we have america under our control? >> we are one of the closest allies of the united states. so of course our position today to united states is very, very decisive, strengthen our relationship. so these are not, there is no intention for us to try to use this kind of economic relationship in different context. so we are very satisfied with the current relationship with the united states. th
situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and...
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this will congressman goes back to 1984. >> social security has nothingto to do with the deficit. social security is totally funded by the payroll tax levied on employer and employee. if you reduce the outgo of social security, that money would not go into the general fund to reduce a deficit. it would go into the social security trust fund. so social security has nothing to do with balancing a budget or erasing or lowering the deficit. >> ronald reagan's debate with walter mondale in 1984. >> i call it selective fawning. they love to quote ronald reagan but when he says something sensible, they disassociate. he is absolutely correct. one of the things the boehner proposal does is reduces social security benefits so if you are making a billion dollars, you get your tax cut but if you are an 85-year-old social security recipient, you get a social security cut. how is that fair? >> if only they would listen to ronald reagan and raise taxes when necessary and get their grum -- grimey hands off social security, we would all be better off. congressman steve israel, you are doing a grea
this will congressman goes back to 1984. >> social security has nothingto to do with the deficit. social security is totally funded by the payroll tax levied on employer and employee. if you reduce the outgo of social security, that money would not go into the general fund to reduce a deficit. it would go into the social security trust fund. so social security has nothing to do with balancing a budget or erasing or lowering the deficit. >> ronald reagan's debate with walter mondale...
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it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the fiscal cliff. this wasn't a campaign issue. no one even talked about it. >> stephanie: right. >> the idea that this is all obama's fault. it has nothing to do with the $3 trillion war paid for with taxes. >> stephanie: eric boehlert remains in the sidecar. we continue with right-wing world next on "the stephanie miller show." >> announcer: it's really weird but it's also the coolest thing i've ever heard in my whole life. >> announcer: it's "the stephanie miller show." that viewers like about the young turks is that we're honest. they can
it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the...
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you can look at -- >> i agree. >> stephanie: tax cuts proveably caused these deficits. the social security does not -- doesn't add a cent to the deficit. >> i ran on this in a conservative district very clearly stated my position that i did not want to. i had to last time when the president asked us to, to extend all of the taxes for one year and that was a darn bitter pill for me to swallow. i was one of the democrats that voted on to get it through. i'm not going to do it again. it doesn't add to the economy and those top 2 don't need to get done. we all do agree on the bottom ones and i just -- i think now they've got themselves in a pretty tight box. i hope you keep beating the drum on this. >> stephanie: i think you're a helper. you're giving them an out. >> always the helpful teacher. [ laughter ] >> stephanie: representative tim walz of the great state of representative, thank you. talk to you soon. >> thank you. >> stephanie: you know what he is? he's someone who gets it done. brought to you by granger. >> oh, my god! >> stephanie: that's right. with over 900,00
you can look at -- >> i agree. >> stephanie: tax cuts proveably caused these deficits. the social security does not -- doesn't add a cent to the deficit. >> i ran on this in a conservative district very clearly stated my position that i did not want to. i had to last time when the president asked us to, to extend all of the taxes for one year and that was a darn bitter pill for me to swallow. i was one of the democrats that voted on to get it through. i'm not going to do it...
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but the other thing is remember this continued tax cut for the middle class is part of a deficit reduction package so the president is very much focused on getting rid of that debt and getting it off the backs of our kids but in the meantime, it is not necessary to raise tax rates on the middle class in order to get there. and if we did raise taxes on the middle class, it is not going to get us that far down the road. what will really get us down the road is getting back to the regular tax cuts, having the wealthiest of americans pay their fair share. letting the 2% go back up from 35% to 39% which they were under bill clinton. one final my2k story from doug up in vancouver washington. what do you say? >> caller: hey bill. let me put my bong down real quick here. [ laughter ] >> caller: you know, there is a certain bunch of us here that think that they're going to get us on entitlement. that's all they keep talking about. nobody's mentioning the military. so i'm with the other caller, the gal before that said let's go over the cliff. you're going to screw us anyway, you know what? everybod
but the other thing is remember this continued tax cut for the middle class is part of a deficit reduction package so the president is very much focused on getting rid of that debt and getting it off the backs of our kids but in the meantime, it is not necessary to raise tax rates on the middle class in order to get there. and if we did raise taxes on the middle class, it is not going to get us that far down the road. what will really get us down the road is getting back to the regular tax...
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but it's a $4 trillion plan, been out there a long time 1.6 trillion over the next years, cutting the deficit, 1.6 cutting the tax cuts for the wealthiest for americans, and medicare and medicaid and farm subsidies and other, $1 trillion in additional spending cuts that the house, the senate and the white house have already agreed to and then $800,000,000,000 in new spending new revenue from cuts and spending because of ending the war in iraq and in afghanistan. the president's budget is out there. on the republican side, there is nothing. i am going to get back to it. here it is, also guy in the way is boehner. you have heard me say this, that boehner is not a bad guy. i used to think that and if you let him go, he would make a deal. i don't believe that any more. i think boehner is out to -- he doesn't care about the middle class, and his goal is to let this country go over the fiscal cliff because he wants the economy to fail because he wants president obama to fail. john boehner, again, i think the worst speaker ever, it's a time for leadership, not for playing political games. american p
but it's a $4 trillion plan, been out there a long time 1.6 trillion over the next years, cutting the deficit, 1.6 cutting the tax cuts for the wealthiest for americans, and medicare and medicaid and farm subsidies and other, $1 trillion in additional spending cuts that the house, the senate and the white house have already agreed to and then $800,000,000,000 in new spending new revenue from cuts and spending because of ending the war in iraq and in afghanistan. the president's budget is out...
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number two is they whine and cry about the deficit. basic civics 101. the president spends no money. the congress approves everything. they're the ones that created it. >> bill: sure. they're the ones who brought us to the fiscal cliff as we were talking yesterday because their super committee failed to do its job and now we have the sequestration hanging over our heads. >> they constantly create a situation, try to blame obama. >> bill: kevin, do you think we dare say look, hold the line and if you don't raise rates on the top 2%, we're not going to make a deal? >> absolutely. hold the line. i'll gladly pay more taxes than to have some rich son of a bitch pay more. >> bill: you and me both. that's all right. i'm willing to do it. i am a patriotic millionaire. i ought to -- i should join the club. thanks, kevin for the call. >> announcer: this is the "bill press show." which was just as you say -- maybe it was starve the beast. i'll look it up during the break. going to do the young turks. i think the number one thing that viewers like about the young t
number two is they whine and cry about the deficit. basic civics 101. the president spends no money. the congress approves everything. they're the ones that created it. >> bill: sure. they're the ones who brought us to the fiscal cliff as we were talking yesterday because their super committee failed to do its job and now we have the sequestration hanging over our heads. >> they constantly create a situation, try to blame obama. >> bill: kevin, do you think we dare say look,...
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social security has not contributed to the deficit. social security should not be on the table. these guys hate social security so much, they want to get rid of social security and medicare so much that everything they put forward has to have cuts in medicare and social security. so that's a nonstarter. the president has said he's not going to touch social security. the president said he's not going to raise the eligibility age for medicare. and the president has also said jay carney said it again yesterday, he's not even going to consider any bill that continues tax rates for the wealthiest of americans. >> he will not sign an extension of the bush era tax cuts for the top 2%. full stop. >> bill: full stop. >> this is what i don't get about this. this is not some new idea. this is not something that obama is you know, pulling out of the clear blue sky. it is something he ran on. this is what the election was about. >> bill: and the people voting. >> overwhelmingly. >> bill: we have to go back to the beginning. these tax cuts were enacted by george w. bush in 2001. still a bad i
social security has not contributed to the deficit. social security should not be on the table. these guys hate social security so much, they want to get rid of social security and medicare so much that everything they put forward has to have cuts in medicare and social security. so that's a nonstarter. the president has said he's not going to touch social security. the president said he's not going to raise the eligibility age for medicare. and the president has also said jay carney said it...
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i mean deficit spending is a violation of the state constitution. do they care about that in sacramento? they blow right by it. neil: but you don't think what is going on here now, governor, governor davis in a second, is a harbinger? in other words maybe voters here as they have elsewhere, rightly or wrongly are saying you know what? we cut a lot or tried to cut. we never make much progress on it. i guess only thing to do to avoid fiscal armageddon is just hike taxes. we hope it is not on us. we'll start going after the rich. >> that is number one class warfare. and number two you keep piling up the debt. ultimately you're in a position, as we are in today at the federal level, where most of the debt isn't even on the books. neil: that's right. >> i mean what is said to be the national debt is about one fifth of the actual national debt. neil: you're right. unfunded liabilities and medicare, medicaid. >> medicare, medicaid, neil: you only boom your way out of that, right? governor davis, what do you see now that could boom us out of this? because t
i mean deficit spending is a violation of the state constitution. do they care about that in sacramento? they blow right by it. neil: but you don't think what is going on here now, governor, governor davis in a second, is a harbinger? in other words maybe voters here as they have elsewhere, rightly or wrongly are saying you know what? we cut a lot or tried to cut. we never make much progress on it. i guess only thing to do to avoid fiscal armageddon is just hike taxes. we hope it is not on us....
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government budgets that are in deficit at every level. there is no other backstop other than the organizations like us and others who are serving thess communities, and that it is important to understand that we have to take a fair and balanced approach. when announcing we all money to contribute to getting our fiscal house in order. we absolutely do, but we have to do it on the spending side and we have to like all the sources of revenue, all the source of revenue, not just a charitable deductions to figure out how to get our fiscal house in order. gerri: i don't know if it will happen by the end of the month. we have a long way to go. everyone seems to be talking pass themselves. thank you for coming on. appreciate your time. great information. >> thank you. gerri: likely be hurt the most of the deductions goal weight make up tonight's top five. food for the poor. based in florida using 97% of its billion dollars in revenue for its charitable commitments. for more information visit food for the poor. the american red cross which we have
government budgets that are in deficit at every level. there is no other backstop other than the organizations like us and others who are serving thess communities, and that it is important to understand that we have to take a fair and balanced approach. when announcing we all money to contribute to getting our fiscal house in order. we absolutely do, but we have to do it on the spending side and we have to like all the sources of revenue, all the source of revenue, not just a charitable...
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the campaign, congratulations, you had a great victory, and let's get serious about dealing with this deficit and debt here at the end of the year. >> back to the president's comments. he had yet before to explicitly say rates had to go up on those earning $250,000 or more. that was the white house position. that is their condition now for a deal. it's in the face of what republicans want saying no rate increases; however, a little wiggle room, and the president didn't rule out a smaller rate increase than he's calling for could be a part of a final product if they get to that stage. lizly thank you very much, rich edson. david: we have a governor who says his state takes the right action to prevent falling off its own fiscal cliff and the president can learn a lot. liz: joining us now is the iowa governor, and, governor, let us just explain that to the viewers. you deal with a democratic legislature, and you managed to get things done. you could show by example. how have you done it? what do you think inside the beltway crowd is doing wrong here? >> well, they need to get past the politics,
the campaign, congratulations, you had a great victory, and let's get serious about dealing with this deficit and debt here at the end of the year. >> back to the president's comments. he had yet before to explicitly say rates had to go up on those earning $250,000 or more. that was the white house position. that is their condition now for a deal. it's in the face of what republicans want saying no rate increases; however, a little wiggle room, and the president didn't rule out a smaller...
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. >> with a trillion dollar deficit right now. so if you cut 94 billion and nothing else changes you barely dented the deficit. the other programs are growing. we'll not see spending decline. in fact we'll likely have a emergency spending bill for sandy that is 60 billion. 94 is gone right there. >> even with a trillion dollars in cuts federal spending is on the way up every year starting with 3.5 trillion this fiscal year. nearly 3.6 trillion in 2014. 4 trillion by 2016 and 5 trillion by 2021. the cbo says even allowing 5 trillion in tax increases to hit the economy the next decade the federal government still spends $2.3 trillion more than it takes in. back to you. melissa: oh, rich edson thanks so much. adam: you think with the physical problems the country faces zooming at us like a 1959 he had sell going at us on a one way treat there would be sense of urgency. president obama has no meetings, no public appearances on the issue planned at least so far today. brad blakeman is not surprised. he says it is a clear sign we're goi
. >> with a trillion dollar deficit right now. so if you cut 94 billion and nothing else changes you barely dented the deficit. the other programs are growing. we'll not see spending decline. in fact we'll likely have a emergency spending bill for sandy that is 60 billion. 94 is gone right there. >> even with a trillion dollars in cuts federal spending is on the way up every year starting with 3.5 trillion this fiscal year. nearly 3.6 trillion in 2014. 4 trillion by 2016 and 5...
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states of america, the largest economy, that holds the world reserve currency, possibly defaults on its deficit. that we give up the basic notion that the united states stands behind its obligation. we cannot afford to go there again. this is not just my opinion. it is the opinion of most of the folks in this room. when i hear someone the other side suggesting that to resolve the possibility of a perpetual or a reportedly debt ceiling crisis, that there is a price to pay, the price is paid by the american people and your businesses and the economic environment worldwide. we should not accept going through that. you know, john engler, he and i philosophically do not agree on much -- [ laughter ] >> you know, i am just being honest about john. he ii a great politician. he comes from the other party. he is exactly right when he says the only thing that the debt ceiling is good for is destroying your credit rating. i want to send a very clear message to people here. we are not going to play that game next year. if congress in any way suggest that they will type negotiations to that feeling both and
states of america, the largest economy, that holds the world reserve currency, possibly defaults on its deficit. that we give up the basic notion that the united states stands behind its obligation. we cannot afford to go there again. this is not just my opinion. it is the opinion of most of the folks in this room. when i hear someone the other side suggesting that to resolve the possibility of a perpetual or a reportedly debt ceiling crisis, that there is a price to pay, the price is paid by...
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so we're going to be in the 20s as far as deficits going forward. i think they're taunting markets. i'm hoping we don't wake up one day and markets look at what is going on here and fire right back at them. tracy: you know what? you're not wrong. that is going to happen. between that and the bond bubble bursting we have a lot to look forward to in the new year. gary kaltbaum, kaltbaum capital management. >> my pleasure, thank you. ashley: every deal is a scam, a shell game and he's right. tracy: yeah. ashley: guess what? banks are bouncing back. the third quarter proving very profitable for some of the industry's biggest names but are we out of the woods just yet? gerri willis joins us ahead to talk about that. tracy: first as we do every day at this time of day look how oil is trading. it is basically flat. $88.82 a barrel. we'll be right back. ashley: it is time to make money with charles payne. this hour we're looking at pet health specialists pet med express. charles, how fat is joe is the question? tracy: ah, fat joe. >> fat joe. i told tracy, i don't know if i told you about a
so we're going to be in the 20s as far as deficits going forward. i think they're taunting markets. i'm hoping we don't wake up one day and markets look at what is going on here and fire right back at them. tracy: you know what? you're not wrong. that is going to happen. between that and the bond bubble bursting we have a lot to look forward to in the new year. gary kaltbaum, kaltbaum capital management. >> my pleasure, thank you. ashley: every deal is a scam, a shell game and he's right....
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ronald reagan cut tax rates and congress promised to cut spending to reduce the deficit. spending cuts never happened. >> on the republican side it takes their negotiating power off the table. if a at the entitlement cuts of front. and taking that down the road. stuart: down payment satisfying -- >> and the president has said many time lost the election. stuart: charles last night said this about what leverage the republicans have. the leveraged is if we go over the cliff no matter who is blamed will ruin president obama's second term because this economy really will go into recession. and we will get a debt downgrade. that would really hurt -- >> there's a more serious which is any dissertation of our military. we are still one nation under god and we do not need to make imprudent cuts in defense for the sake of political gain or tactical benefits. i am against it and -- charles: you didn't answer the question. i still think the public will blame republicans. >> absolutely right. stuart: republicans don't have a lot of leverage. [talking over each other] >> their leverag
ronald reagan cut tax rates and congress promised to cut spending to reduce the deficit. spending cuts never happened. >> on the republican side it takes their negotiating power off the table. if a at the entitlement cuts of front. and taking that down the road. stuart: down payment satisfying -- >> and the president has said many time lost the election. stuart: charles last night said this about what leverage the republicans have. the leveraged is if we go over the cliff no matter...
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. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is around 85. we need to raise retirement ages or somehow thinking about cutting back on benefits to keep the programs in balance. ashley: diana, the other side of this issue is coming down to taxes. two years ago the president said he didn't want to let taxes go up because gdp growth was so low. how can you make that argument two years later today. gdp still struggling to get any traction? >> he should be making that argument because gdp growth is now at 2%. it was at 2.5 when he made the argument in 2010. there was even more reason not to get tax rates higher, not to allow them to go higher. the only way we'll get out of this fiscal mess is through more economic growth. and if we raise tax rates that is going to stifle economic growth. we need to be keeping tax
. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is around 85. we need to raise retirement ages or somehow thinking about cutting back on benefits to keep the programs in balance. ashley: diana, the other side of...
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we all want to reduce the deficit, and if you look at where the tax rates were in the clinton administration with the highest and most sustained economic growth in the history of the country, that's where they went to and maybe there's a compromise there where they wouldn't even go that high, but to say they're not going to expire at all, we'll do what we have been doing, that's an unsustainable position. dennis: all right, you know what? i appreciate it, we have to wrap it up. i appreciate you both came on here together today. thank you very much for being here, and keep working at it. we need your help. >> have a good one. >> thanks. cheryl: more on breaking news from egypt. look at the pictures coming out of cairo. at this point, an estimated 50,000 protesters are in tahrir square chaptering down with morsi and the constitution. he rammed through a referendum, a draft constitution, supposed to be september 15th; we'll see, and groups, parties, just many members of the public in egypt taking part now. we learned moments ago that president morsi left the palace according to a report we just
we all want to reduce the deficit, and if you look at where the tax rates were in the clinton administration with the highest and most sustained economic growth in the history of the country, that's where they went to and maybe there's a compromise there where they wouldn't even go that high, but to say they're not going to expire at all, we'll do what we have been doing, that's an unsustainable position. dennis: all right, you know what? i appreciate it, we have to wrap it up. i appreciate you...
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the american indian tribe and they honored the president by giving him his own indian name running deficit. [ laughter ] >> the nation's debt is no laughing matter. lou dobbs will tell you why we are all in grave danger because of out-of-control government spending. three wise men, what did they do? >> jesse watters quizes the folks about christmas. >> they brought frankincense, miles an mur and. >> baby diapers? >> a wild wild waters world upcoming. >> caution, you are about to enter the no spin zone from california. factor begins right now. hi i'm bill o'reilly reporting from los angeles, thanks for watching us tonight. i'm here to do the leno program this evening. during the long flight across country, i had a chance to analyze something very important to you. all of us needs to wise up and fast. you may have heard the story of new york city police officer who spent $100 of his own money to give bare foot man some boots. that man jeffrey hillman lying in the street when officer deprimo spotted him. >> it was extremely cold that night and you see this gentleman i tried to offer him to bu
the american indian tribe and they honored the president by giving him his own indian name running deficit. [ laughter ] >> the nation's debt is no laughing matter. lou dobbs will tell you why we are all in grave danger because of out-of-control government spending. three wise men, what did they do? >> jesse watters quizes the folks about christmas. >> they brought frankincense, miles an mur and. >> baby diapers? >> a wild wild waters world upcoming. >>...
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when you look at the debt and deficits he run up. he run up more debt than all of the other presidents combined and maybe the republicans should let the president go ahead and sail off of the cliff and do it for the next generation. keep in mind, somebody may have to pay the bill it may be our children and our children's children. do we want to leave the country in better shape. >> gretchen: they will not have enough pennies in the piggy bank. moments ago kate middleton and prince william left the hospital. she was admitted on monday after suffering from acute morning sickness. kate was treated by the queens doctors. she is headed to kensington palace where she will rest for a extended time. the rogue nation of syria has begun mixing chemical weapons and loading them in to bombs. it is raising fears that president assad will use them on his own people. >> if he would drop the gas, it would kill 100,000 people immediately and in damascus a million people could be affected. it is very serious. >> gretchen: fox news learns that the mili
when you look at the debt and deficits he run up. he run up more debt than all of the other presidents combined and maybe the republicans should let the president go ahead and sail off of the cliff and do it for the next generation. keep in mind, somebody may have to pay the bill it may be our children and our children's children. do we want to leave the country in better shape. >> gretchen: they will not have enough pennies in the piggy bank. moments ago kate middleton and prince william...
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the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator, thank you. >> thank you. >> greta: with time running out, you would think that president obama would call the house and senate leaders and ask them to the oval office, but apparently something is wrong with the white house phones. he's trying to outsource the job to you. take a look. >> i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an email, post it on their facebook walls. you can tweet it using the #my2k. >> greta: why doesn't the president pick
the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator,...
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not the deficit. the debt. i'm trying to get enough money in here so that we can go from 16 to 15 to 14, you see? >> we get rid of a trillion dollars very quickly by taking a half trillion a year. >> bill: what you just said is how you get rid of it. you raise the retirement rate for social security for a couple of years. >> medicare as well. >> bill: not for people who are over 45. under 45 or maybe 48. but the people who bought into the system. >> you are already into the details. and we're losing the parameters here. >> bill: i'm sorry. detail guy. i'm sorry. >> that's terrific. but, until we -- and we have to make one more rule on this. >> bill: what's is that. >> you go to the table. same table. either obama's table or boehner's and you talk straight. >> bill: at the table they're both there and they don't get to go to the bathroom until they get something. >> it's going to be a little faster negotiation than i thought. can we call it with that one addendum the dobbs reilly plan will be. >> bill: will be o
not the deficit. the debt. i'm trying to get enough money in here so that we can go from 16 to 15 to 14, you see? >> we get rid of a trillion dollars very quickly by taking a half trillion a year. >> bill: what you just said is how you get rid of it. you raise the retirement rate for social security for a couple of years. >> medicare as well. >> bill: not for people who are over 45. under 45 or maybe 48. but the people who bought into the system. >> you are already...